Published: 2025-07-07T15:43:15.000Z
Chart USD/CAD Update: Potential for a test above 1.3700
Senior Technical Strategist
1
Cautious trade has given way to the anticipated break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3900 | * | break level | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3860 | * | 29 May (w) high | S2 | 1.3550 | * | congestion | |
| R2 | 1.3800 | congestion | S3 | 1.3500 | * | congestion | ||
| R1 | 1.3700 | ** | congestion | S4 | 1.3420 | ** | 25 Sep (m) low |
Asterisk denotes strength of level
16:25 BST - Cautious trade has given way to the anticipated break higher, with prices meeting selling interest just beneath congestion resistance at 1.3700 as overbought intraday studies unwind. Negative daily readings are stabilising and weekly charts are improving, suggesting room for a break above 1.3700. However, negative longer-term readings are expected to limit scope in renewed selling interest beneath further congestion around 1.3800. Meanwhile, support is raised to congestion around 1.3600 and extends to further congestion around 1.3550. This range should underpin any immediate setbacks.